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Ripple Price Analysis May 9: XRP Lost 50% In 4-Month Against Bitcoin. Where Is The Floor?

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Bitcoin is breaking 2019 high surpassing $6000, and the altcoins are suffering: Ripple continues to struggle as XRP tumbles into support around the $0.30 level. The cryptocurrency has seen a 15% price drop over the past 30 trading days alone. Against Bitcoin, the situation for XRP is a lot worse.

XRP/BTC has been falling consistently throughout the year, dropping nearly 50% from the yearly open price. Yesterday the coin dropped below the support at the 5000 SAT level.

Ripple is still ranked on the third place as the top projects by market cap value as it currently holds a $12.57 billion market cap value.

Looking at the XRP/USD 1-Day Chart:

  • Since our last XRP analysis, we can see that XRP/USD has fallen further lower into the support at the $0.30 level. If the coin continues lower from here, the price will fall beneath a short-term wedge we have been following on our recent analysis.
  • From above: The nearest level of resistance now lies at $0.31 and $0.32. Further resistance lies at $0.336 which contains the short term bearish .5 Fibonacci Retracement level (marked in orange). Above $0.3366, further resistance lies at $0.3507, $0.3615 and $0.3708.
  • From below: The nearest level of support beneath $0.30 lies at $0.29. This area is had provided strong support for the XRP market between December 2018 and February 2019. Therefore expected to provide strong support moving forward. Beneath $0.29, further support is located at $0.2811 and $0.2650.
  • The Stochastic RSI had recently initiated a crossover signal in the overbought territory which led to the price falling following the signal. The RSI has now entered into a bearish territory below 50 as the sellers take control of the market momentum.

xrpusd_may9

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see Ripple has also dropped below the support at 5000 SAT and continued lower to where it is currently trading around 4907 SAT. The coin has been dropping all year long against Bitcoin and over the past month, had lost 30% alone.
  • From above: The nearest level of resistance above now lies at 5000 SAT. Further resistance (support turned resistance) lies at 5100 SAT, 5300 SAT and 5500 SAT. Higher resistance is located at 7000 SAT (which contains the 100-days moving average line) and 7200 SAT.
  • From below: The nearest level of support now lies at 4800 SAT. If the bears continue lower, then further support lies at 4650 SAT and 4380 SAT.
  • The RSI continues to remain within the favor of the bears’ momentum, as it has done throughout the entire year. For recovery, we will need to see the RSI break above the 50 level.

xrpbtc_may9

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Ripple DLT and XRP get the green light in Universal Postal Union’s white paper

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A popular crypto Youtuber and Ripple (XRP) supporter, Eri published a video yesterday. In the video, she explains why White Paper by Universal Postal Union boasts clear case to use Ripple DLT and its cryptocurrency XRP.

According to a new publication, the Universal Postal Union advocates for the usage of crypto assets recommending XRP and the distributed ledger technology of Ripple as a solution to cut costs and time associated with money transfer. The management staff of UPU has managed to produce one of the most compelling publications the world has ever seen in regards to the potential use cases of virtual currencies by postal offices across the globe.

According to crypto pundits, the publication is anything but not boring and dry. The report is information-packed, mind-blowing, and full of knowledge that Post Offices around the world should consider adopting. The Addressing staff of the UPU reveals the truth that Addresses are much more than locations where Posts deposit parcels and letters.

Addresses are an underlying global network that allows their owners to be connected to everyday life, allowing them to receive public and private services, participate in democratic processes, be participants of the formal economy, allowing them to have legal identities, and participants of the information and communication age among other capabilities.

The Universal Postal Union (UPU) is a specialized United Nations agency that deals with the coordination of postal policies among member countries, along with the global postal system. The UPU is an intergovernmental body that is tasked with the mandate to set rules and rates for cross-border mail delivery.

Since the commencement of the new millennium, Posts have been experiencing technological disturbances of their primary business. At the same time, technological modernization has been part of their strategy to conceive new products that align Posts to meet the demands of the digital economy by spawning its efficiencies.

A popular crypto Youtuber and Ripple (XRP) supporter, Eri published a video yesterday. In the video, she explains why White Paper by Universal Postal Union boasts clear case to use Ripple DLT and its cryptocurrency XRP.

Potential use cases of virtual assets (especially Ripple) by Postal Offices

As accurate as the phrase “change is inevitable” is, postal offices around the world need to stay relevant in the changing market. At present, UPU is looking into the role blockchain technology, distributed ledger technology, and virtual assets can play in the postal industry in ensuring they offer efficient delivery services to its customers.

With the steady growth of cryptocurrencies and their technologies, several Posts around the globe are experimenting the use of distributed ledger technologies in providing financial and logistics services.

According to WrathofKahneman, an avid Twitter user and crypto pundit:

“The UPU recommends crypto technologies and more so Ripple XRP, as a solution to financial inclusion around the world. Recently, we saw Japan’s post bank joining SBI Ripple Asia with signs indicating India and Egypt are next in the line.”

According to information that was made available in the publication, there are three use cases for virtual assets by the Post.

Use Case 1: Inexpensive, Near-Instant Inward Remittance

The first use case for cryptocurrencies is to offer a secure, inexpensive, instantaneous transfer of funds through the crypto technology. The low cost and speedy attributes of cryptocurrencies and blockchain technologies such as Ripple XRP make crypto an ideal choice for remittances.

According to the World Bank, the average cost of sending money around the world is 7 percent, a figure that is much higher than the 3 percent figure that was set in the SDGs for 2030. Recently, Ripple (XRP) conducted a pitot study remitting funds from the US to Mexico. The findings showed that the foreign exchange tariffs were reduced by over 40 percent with the payment being finalized in a record time of about two minutes.

The UPU findings prove that the use of Ripple’s distributed ledger technology could be the future of remittances since the service offers improved transparency and accountability.

Use Case 2: In the Management of Direct Money Transfer Projects

A recent finding by the Better Than Cash Alliance (BTCA) shows that direct cash transfer to recipients serves a prearranged objective. However, the mode of transmission dramatically affects how the funds are used; the transfer medium should be flexible are beneficiary friendly.

Three UN agencies that deliver more than half of the world’s humanitarian money support programs agree there is a need to ensure humanitarian monies reach their expected recipients minimizing corruption cases and fraud.

The integration of Postal Offices with crypto technologies such as Ripple’s distributed technology can provide the actual beneficiaries to get their monies either in their bank accounts or their mobile phones.

Use Case 3: Facilitate Government-to-Person (G2P) Settlements

According to statistics by the UPU, 87 Posts globally avail checking and savings accounts to their customers. Combined, these postal operators hold over 1 billion accounts that are often owned by the marginalized and vulnerable communities of the populations, serving as an efficient channel for G3P payments such as salaries, pensions, benefits, and subsidies.

Around the world, many governments have embraced mobile money solutions as the best way to transfer G2P payments to beneficiaries. Transacting these G2P settlements through the distributed ledger technology of Ripple adds another layer of accountability and transparency for the remunerations, ensuring the end of wastage and corrupt dealings.

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Ripple (XRP/USD) forecast and analysis on August 20, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.2845. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Ripple (XRP/USD) forecast and analysis on August 20, 2019

As part of the Ripple course forecast, a test level of 0.2790 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.3070. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2500.

Ripple (XRP/USD) forecast and analysis on August 20, 2019

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and closing of quotations of the pair below the 0.2450 area. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ripple (XRP/USD) forecast and analysis on August 20, 2019 implies a test level of 0.2790. Further, growth is expected to continue to the area above the level of 0.3070. The conservative area for buying Ripple is located area of 0.2500. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2450. In this case, we should expect the continuation of the fall.

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Ripple: A New Reality Unfolds: Announcing Swell 2019 Keynote Speakers

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Today, we are thrilled to announce Dr. Raghuram Rajan, former Governor of the Reserve Bank of India and Distinguished Professor of Finance at the University of Chicago, and Kamal Quadir, CEO of bKash as our 2019 Swell keynote speakers.

The invite-only conference—hosted in Singapore, Nov. 7-8—brings together the world’s most trusted voices across financial services, payments, technology and policy to explore the new reality unfolding in global payments—and why it matters. Applications to attendare now open. 

Swell’s opening keynote Dr. Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. Previously, he was the 23rd Governor of the Reserve Bank of India and earlier Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund (IMF). Dr. Rajan is considered a key visionary behind India’s early adoption of mobile banking. His brainchild, the Unified Payments Interface (UPI) that launched in 2016, is revolutionizing peer-to-peer payments and helping usher in India’s migration to a more digital society. 

Our closing keynote, Kamal Quadir, is a practitioner who focuses his efforts on technology that brings about social progress by enabling people to advance economically. He is the CEO of bKash, a digital financial service that offers millions of unbanked and underbanked people access to financial services through basic cell phones or smartphones in Bangladesh. Earlier Quadir founded CellBazaar, a communication company that has introduced a cellphone-based electronic marketplace for developing countries.

Advancements in mobile technology are bringing financial inclusion and economic opportunities to emerging markets, but digital transformation at scale requires thoughtful regulation that protects consumers while fostering innovation. At a time when groundbreaking technology and regulation were on a potential collision course, Dr. Rajan and Quadir’s work ushering in a digital society brings to mind the efforts from our 2018 Swell keynote, former President Bill Clinton. As the internet took flight in the 1990’s, President Clinton worked to establish programs that would bridge the “digital divide” and bring new technology to underserved communities around the world. 

We are at a similar moment in time. Today, digital assets and blockchain technology are impacting daily life. Financial institutions can deliver on the promise of instant, reliable cross-border payments—offering a better, lower-cost service to millions around the world. 

This year, Swell includes a bold roster of payments experts and industry luminaries to discuss trends, successful blockchain implementations and real-world use cases for digital assets. Our speakers will share learnings about how today’s leading financial institutions are meeting growing customer demands for better, more accessible global payments.

Now is the time to change how the world moves money. The future that leaders across financial services, payments and technology industries have been envisioning for almost a decade is now here. What can we expect as this new reality unfolds? Find out at Swell.
Be sure to check Ripple Insights for updates. We will be announcing the agenda and even more speakers in the coming weeks. See you in Singapore!

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